The administrators are hoping to sell on a chunk, if not all, of the stores with the Woolworths brand intact. However their primary aim is to get the best return for creditors, which may see the portfolio broken up and sold on to other retailers, potentially marking the end of the year-old retailer's presence on the high street. Investors in Woolworths will have to queue up with the rest of the creditors of the retail chain for cash owed.
Unfortunately for shareholders, they rank at the bottom of the list, behind the banks, employees and suppliers. Some links in this article may be affiliate links. If you click on them we may earn a small commission. That helps us fund This Is Money, and keep it free to use. We do not write articles to promote products. We do not allow any commercial relationship to affect our editorial independence. No comments have so far been submitted.
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Petrol has now risen above p a litre and diesel is Neither Cairns nor soon-to-depart chief executive, Grant O'Brien were keen to mull over history nor the rationale or cost of the Masters strategy.
Instead they repeated the same message — that the focus was on the future and improving supermarkets, liquor and discount department store operations.
Supermarkets and Big W have been suffering over the past few years. The flagship supermarkets operations had lost market share and growth as a result of uncompetitive pricing — as they desperately attempted to claw back margins. And it looks like it will take a while to re-establish Woolworths credentials as a star performer and even longer before the group will look to move into new areas of retailing. Meanwhile Wesfarmers has earned a licence to expand based on the success of its retail operations and particularly those of Bunnings.
And ironically thanks to the likely closure of most of the Masters outlets, Bunnings has been given the opportunity to pick up additional home improvement sales and further turbo-charge its Australian earnings. Woolworths throws in the towel on epic fail. Please try again later. The Sydney Morning Herald. By Elizabeth Knight Updated January 19, — 7. Save Log in , register or subscribe to save articles for later.
Normal text size Larger text size Very large text size. What went wrong at Masters? Woolworths to close or sell Masters and Home Timber and Hardware Thousands of jobs in jeopardy Woolworths is set to close the chapter on the most appalling strategic move in its long history with the closure or sale of its massive Masters home improvement chain after conceding it couldn't make the hemorrhaging business profitable in the foreseeable future.
The scale of this disastrous foray into the home improvement sector is breathtaking. His instincts were right, although it was 19 years before he was finally able to prove it.
On his first visit to Europe, following a long voyage across the Atlantic that left him seasick and disorientated, Woolworth's ship docked in Liverpool and he chose the city, then at the height of its economic power, as the location for his first British store. It opened in Church Street on Friday November 5 to enthusiastic reviews from the local press.
Predictably, perhaps, the Daily Mail, was less enthusiastic, declaring the American upstarts had chosen Liverpool so they could make a quick escape back home once their venture failed, leaving their unpaid debts behind them. By the time Stephenson retired in , he had built the British arm into a huge concern, floating it on the London Stock Exchange and becoming one the country's richest men.
The company expanded rapidly. In the mids, it was opening a store every 17 days, to the delight of local councillors who regarded the arrival of its distinctive red fascia as a stamp of approval for their town. The flotation gave the British management increased confidence and autonomy from the head office in New York and, the following year, Woolworth's successor, Byron Miller, observed: "The child has long since outgrown the parent, generating more profit and taking hold more quickly than the American company ever did.
After the second world war, growth stagnated as competitors began to open self-service stores, an innovation Woolworths was quick to copy but slow to roll out.
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